The Closing Process

What to Expect

Purchasing a home is a great investment. The closing, or settlement as it’s called in some states, is one of the most important parts of the process. This is when you legally commit to your mortgage loan. Here’s a rundown of items to help you know what to expect and how to prepare.

4-Steps to Closing

1. Determine who will conduct your closing, and when and where it’s scheduled.

• Who conducts your closing varies by state.

2. Since the closing process varies by state, ask the person conducting your closing what to expect. Things to ask:

• What do I need to bring to closing?
• How much money do I need to bring to closing? How do I pay?

3. Review Your Closing Disclosure

• By law, you must receive a five-page Closing Disclosure at least three days prior to your closing.
• Discuss any concerns/questions on the CD with your lender prior to closing.

4. Bring these items with you:

• Picture ID (driver’s license, passport): The person handling the closing will need to make a copy of it.
• Appropriate payment for closing costs: Some companies require wired funds, while others accept a certified check. Make sure you know what form of payment is acceptable.